Employees need help changing their retirement mindset, attendees to the 2013 Society for Human Resource Management annual conference were told on Tuesday. Ric Edelman, chairman and CEO of Edelman Financial Services, told his Chicago audience that a combination of factors — including a misunderstanding of exponential growth and its effect on compounding interest — have led workers to short-term planning that can be deadly to 401(k)s and other defined contribution plans.

Edelman, who handed out copies of his book “Rescue Your Money, said despite what we’ve been taught to believe, working hard can only make you successful in/ your career, not in your finances.

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